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Mr Schryver said the stock’s fair value was yet to be established. The discount was a function of a range of market factors, including the small free float and wider economic conditions.

“You’re asking me to speculate on how markets work. I’m not sure I can do that."

The $65 million company’s biggest earner is its aquariums business, which operates attractions in Melbourne, on Queensland’s Sunshine Coast, in Bangkok, in Shanghai and in Busan, the second-largest city in South Korea.

Because of that, LLA’s advisers would be looking at the global market for potential deals, Mr Schryver said.

“We operate in four countries, including the one everybody talks about: China."

The Packer-family backed Arctic fund has a 48.86 per cent stake, a Morgan Stanley fund holds 19.75 per cent and a Goldman Sachs fund holds about 19.26 per cent.

In recent months, Mr Packer has been selling assets, including disposing of a stake in the online advertising company Seek in late 2009.

Since then, Mr Packer’s CPH Holdings moved out of its decade-long investment in Challenger by offloading 60 million options in the wealth management group.

LLA reversed last year’s $2.8 million loss with a $5.9 million net profit for its continuing business this year. Even so, that profit was effectively wiped out by $6.3 million lost through foreign currency translations.

Mr Schryver did not give a full-year earnings forecast to investors yesterday.

The aquariums business had started the current financial year strongly, on the back of strong visitation numbers in the northern summer.

But the local snow season had been difficult. First-quarter earnings (before interest, tax, depreciation, and amortisation) was down 4.9 per cent, Mr Schryver said.